As The Wall Street Journal reported late Thursday, Wells Fargo is in the process of refunding "tens of millions of dollars" for products including anything from from pet insurance to legal services added to customers accounts without their full understanding.

Sources close to the bank say that it charged monthly fees for "dozens" of products for years, and the Consumer Financial Protection Bureau is looking into the matter: "In mid-2017, Wells Fargo stopped selling consumer add-on products and is in the process of notifying customers, a person familiar with the matter said. Some products are being terminated immediately, while others aren’t being renewed after they expire, the person said." For its part, Wells Fargo said it was reviewing its accounts and supply refunds where needed.

So where does this leave the stock? It's actually up this morning–gaining 0.1% to $56.40, as investors shrug off the news. Of course, Wells Fargo has had a tough go since the initial scandal broke, so perhaps investors are simply looking past this latest development.

Oppenheimer's Chris Kotowski met with Wells Fargo's Chief Financial Officer John Shrewsberry recently (although before the latest story broke). Kotowski writes that while the CFO may not be in business-as-usual mode, given the company's various challenges, at the same time he "did not seem in crisis-management mode either."

Kotwoski writes that management plans to work through all the company's various issues "one by one in a systematic manner and control what they could control—especially cost savings and share buybacks."

Still, that's not enough to get him bullish on the shares: Kotowski reiterated a perform rating on Wells Fargo. The Financial Select Sector SPDR ETF (XLF) is up 0.2% to $27.57 at recent check.

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